Following the April 19 halving event, the price of bitcoin has shown disconcerting behavior. btc initially gained almost 10% to trade as high as $67,020 on April 24. However, in the last two days, the price of the digital asset has decreased by 6.49%, falling below the $63,000 price mark.
Unsurprisingly, this negative performance has caught the attention of investors and market speculators. Notably, renowned
Possible btc price drop in the future?
in ax.com/rektcapital/status/1783791636478132368″ target=”_blank” rel=”nofollow”> x publication On April 26, Rekt Capital stated that bitcoin has now entered the post-halving “danger zone.” The analyst described this phenomenon as a period during which bitcoin has historically experienced price corrections following the halving event. Rekt Capital noted that in 2016, bitcoin recorded these price pullbacks in the three weeks following the Halving event. During this time, the price of the token fell by 11%.
The analyst posits that bitcoin is now in the “danger zone” post-halving of the current bull cycle following its price drop over the past two days. It is worth noting that if bitcoin reflects the past price movement in this phase, the token could head towards $60,000. However, Rekt Capital claims that if the crypto market leader experiences such a fate, it will be within the next two weeks.
At the time of writing, bitcoin bitcoin/” target=”_blank” rel=”nofollow”>trade winds around $62,672 with a drop of 2.44% in the last day. This price drop underlines the negative behavior of btc in the last month in which it has lost 11.16% of its market value.
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x/n3NY4W65/" alt="bitcoin" width="1479" height="893" loading="lazy"/>btc trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com
bitcoin ETFs See Lower Inflow; Net outflows reached $217 million
According SoSoValue data, The bitcoin spot ETF market recorded net outflows worth $217 million on April 25. Unsurprisingly, Grayscale's GBTC accounted for $138 million of these figures, as its total outflows now approach $17 billion.
Notably, for the first time in history, Fidelity's FBTC and Valkyrie's BRRR produced estimated net outflows of $22 million and $20 million, respectively. Meanwhile, ARK Invest's ARKB and Bitwise's BITB also experienced an investment loss on Thursday.
Interestingly, all other bitcoin spot ETFs recorded zero net flows except Franklin Tempton's EZBC, which recorded a net inflow of $1.87 million. At the time of writing, btc spot ETFs have a combined value of $128 billion, reflecting notable growth since their trading debut on January 11.
Featured image from The Economic Times, chart from Tradingview
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